NEW YORK, Jan 30 (Reuters) - U.S. stocks were little changed
on Wednesday as data showing the economy unexpectedly
contracted in the fourth quarter was offset by positive parts of
the report and strong results from Boeing Co and Amazon.com Inc.

Economists stressed that the 0.1 percent contraction in U.S.
gross domestic product, caused partly by a plunge in government
spending and lower business inventories, is not an indicator of
recession.

"Inventories came down and that subtraction is actually
positive for the private sector," said Jim Russell, chief equity
strategist for U.S. Bank Wealth Management in Cincinnati.

"A lot of the important components going forth are there,
like consumption by individuals and capital spending, and they
are looking strong."

Wall Street opened slightly higher despite the GDP data,
with traders awaiting a statement from the Federal Reserve on
Wednesday after its two-day policy-setting meeting. The Fed is
expected to keep monetary policy on a steady, accommodative
path, though debate continues over when it should curtail its
bond-buying program.

The S&P 500 held above 1,500, seen by market technicians as
an inflection point that will determine the overall direction in
the near term. The index is on track to post its best month
since October 2011 and its best January since 1997.

"This is a very modest pullback after a steep run," said
Paul Zemsky, head of asset allocation at ING Investment
Management in New York.

"It is too soon for the Fed to start talking about the end
of (their bond buying program); the economy needs stimulus to
sustain this recovery."

The Dow Jones industrial average fell 3.7 points or
0.03 percent, to 13,950.72, the S&P 500 lost 0.96 point
or 0.06 percent, to 1,506.88 and the Nasdaq composite
added 4.9 points or 0.16 percent, to 3,158.55.

Both Boeing and Amazon shares gained after
earnings beat expectations, continuing a trend this quarter of
high-profile names advancing after results.

Thomson Reuters data showed that of the 192 companies in the
S&P 500 that have reported earnings this season 68.8 percent
have been above analyst expectations, which is a higher
proportion than over the past four quarters and above the
average since 1994.

Chesapeake Energy rose 5.4 percent to $19.99 a day
after it said Aubrey McClendon would step down as chief
executive. The last year has been marked by civil and criminal
probes into the second-largest U.S. natural gas producer.

Research In Motion shares fell 4.4 percent
to $14.97 after the company, which is changing its name to
BlackBerry, unveiled a long-delayed line of smartphones in hopes
of a comeback into a market it once dominated.